Market News & Analysis

Top Story

FTSE higher as PM wins first key vote on Brexit

In an historical night of voting Parliament for the first time agreed to back Boris Johnson’s Brexit proposal agreed with the EU last week but in the next breath voted against the PM’s timetable, effectively making sure that Brexit doesn’t happen by the end of this month.

Europe responded in the best Trumpian fashion – European Council President Donald Tusk tweeted he would recommend to back a delay in order to avoid a chaotic no-deal Brexit.

London shares with greater UK exposure were sliding but this was balanced out by hikes in share prices of the newly spun off M&G Plc, previously the investment arm of Prudential, and Russian steel maker Evraz. Rio Tinto also rallied after saying that it found a massive lithium deposit, the metal used for electric car batteries, while looking for gold.

Pound slips post Brexit vote

All the parliamentary activity left the currency market all confused and the pound initially dropped to $1.2842 before beginning to recover. The pound/euro cross followed a similar pattern with sterling trading down 10 pips this morning.

Oil trades sideways

The oil market is seeing some sideways action with traders trying to push the commodity above the $60 level to trigger some stop loss buying but Brent crude keeps coming back into the $59-$60 range. As the next OPEC meeting in Vienna comes closer investors will look for comments ahead the gathering to indicate if OPEC is still happy with the current price range or will intensify production cuts.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.